Former Fannie Mae Headquarters. Photo by Wikipedia.
WASHINGTON, DC–Fannie Mae has priced its first GeMS REMIC backed exclusively by its Green MBS collateral. This $873 million issuance is the first of its kind in the US market, according to the GSE. It follows an earlier REMIC this year in which two of the tranches were backed by green collateral.
“This is a novel transaction,” Lisa Bozzelli, director of Multifamily Capital Markets at Fannie Mae tells GlobeSt.com. Not only is it the first time anyone has done an agency CMBS backed entirely by green collateral, she says, but unlike the earlier transaction, this new deal includes two tranches of green, seven-year fixed-rate MBS.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
